A conversation with Bill Ackman, major investor and hedge fund manager of Pershing Square Capital Management LP.
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Source:
A conversation with Bill Ackman
Charlie Rose, Tuesday, November 11, 2008
http://www.charlierose.com/view/interview/9498
In any great organization it is far, far safer to be wrong with the majority than to be right alone. —John Kenneth Galbraith
Asian currencies continue to sell off vs the $ on the heels of the news yesterday that South Korea said they will look into hot money inflows stemming from the $ carry trade and the Bank of Indonesia said they are looking into the foreign buying of bills. This follows the news a few weeks ago that Taiwan was limiting foreign deposit holdings and Brazil was taxing foreign inflow transactions. As I mentioned yesterday, we may have reached a short term pain threshold in terms of $ weakness and foreign countries are fighting back as they certainly won't wait for...
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November 12th, 2008 at 7:01 pm
The topic on short selling ban is one that could be most interesting. Does anyone know if short selling existed during the time of the great depression? From what I read it looks like it did exist. But did they ever at any time make it illegal to short sell? We know that gold became illegal to own but people were so used to trading with it before.
If the US were to make short selling illegal for a period of time the short funds would become worthless overnight. That’s something to really consider in holding any of those funds.
November 12th, 2008 at 9:02 pm
I am beginning to think this guy is overrated. He has become somewhat of a guru recently because of his monoline call, but he was way early and it didn’t take a genius to see that coming in time to profit from selling them short.
Now he sounds bullish and says stocks are very cheap, but, IMO, that’s BS. Stocks looks cheap compared to the last few years, but not considering the very significant decline in earnings we are very likely to see in this recession. I think he is way early calling stocks cheap now.